NEW YORK (Reuters) – The U.S. Federal Deposit Insurance Corp said on Friday that it would wind down Silverton Bank, a failed Atlanta bank that regulators seized last month, and sell its assets instead of trying to sell it as a whole. Regulators took over the bank on May 1 and created a “bridge bank” […]
Victory Industrial Products, a Batavia, Ohio-based portfolio company of WHI Capital Partners, has acquired KDS International, a Terrell, Texas-based maker of gas turbine products. No financial terms were disclosed.
Topspin Partners LBO and Integris LLC have acquired the Alpharetta, Ga.-based veterinary business of Sanuwave Inc., which includes pulsed energy therapeutic products for the non-invasive management of musculoskeletal disorders causing chronic pain and lameness in veterinary patients, primarily horses and dogs. No financial terms were disclosed.
SEOUL (Reuters) – The parent group of South Korea’s largest bank Kookmin is seeking to raise up to $3 billion through a share sale by around the third quarter, a banking source said on Friday, as it prepares for a surge in bad loans and possible acquisitions. KB Financial Group’s (105560.KS) planned sale would come […]
Bummer: How does the busted Rio-Chinalco deal hurt Blackstone Group? As advisors to the deal, they drop nine spots on global M&A ranking without it. (Deal Journal) Made Up His Mind: Roberto Cavalli finally decided to sell a stake to a buyout firm. (WSJ) This is a Problem: Dennis Berman does the math on the U.S. taxpayers' investment in GM and concludes that, short of a magic trick, we won't be getting that money back. Pretty much ever. (WSJ) Reviews: Here's an in-depth review of Pete Peterson's new memoir. (Reuters) MBA Report: "In year of unprecedented market downturn, seniors flee finance and consulting for education and health." (Harvard Crimson)
With no formal track record or pool of capital, former Cypress Group Managing Director Jon Foster set out to start a new private equity firm during a terrible time to do such a thing. Alongside a team of operating experts (Steve Cortinovis, former president of Europe for Emerson Electric, John McGovern, former CFO of Georgia-Pacific and Steven Martin, former EVP at Ingersoll-Rand), Foster founded Current Capital. The firm is presently an operations-focused fundless sponsor building its track record with the hope of evolving into a full-on buyout firm that also will offer a suite of advisory and consulting services. According to Foster, Current Capital won’t come to market with a proper buyout fund until said market turns around. At that point it’ll seek around $200 million in commitments, he said. For the time being, Current Capital is building its track record through individual, creative deals that still fit into its lower middle market services and industrials focus. The firm’s first deal, not previously disclosed, occurred back in November, when it partnered with GSO Capital to “manage the firm’s investment” in portfolio company Tompkins Associates.
Yesterday, my colleague Alastair Goldfisher reported that NFL kicker Billy Cundiff has joined VC firm Pacific Southwest as an associate. In the spirit of massaging a dead horse, I'd like to add that Cundiff's former Dallas Cowboys teammate Drew Bledsoe has also gotten into the private investment game. Bledsoe -- who made his bones with the beloved New England Patriots -- is namesake and co-founding principal of Bledsoe Capital Group, whose investment mandate includes emerging technologies, entertainment, luxury services and real estate. Sounds opportunistically broad, but is counterbalanced a bit by BCG's commitment to a limited portfolio. Sure that second part hasn't worked out yet for Chris Flowers, but why judge yourself by the lead standard? "When Drew retired, he and I had hundreds of business plans to look through, and the one guiding principal he insisted on was that we invest in companies and projects aimed at fostering
LONDON (Reuters) – Privately-owned German alumina products manufacturer Almatis and its lenders have begun debt restructuring talks, three sources close to the talks said on Thursday. The group, which is headquartered in Frankfurt, has meanwhile secured a waiver on requirements to provide audited accounts for this year, the sources added. “The waiver marks the beginning […]
Noble Environmental Power LLC, an Essex, Conn.-based developer of wind-powered renewable electric generating projects, has withdrawn registration for a proposed $375 million IPO. No explanation was provided. Noble had planned to trade on the Nasdaq under ticker symbol NEPI, with Citi, Credit Suisse, Lehman Brothers and JPMorgan serving as co-lead underwriters. The company’s principal shareholder is JPMorgan […]
LLR Partners has increased its acquisition offer for I-many (Nasdaq: IMNY), an Edison, N.J.-based provider of enterprise contract management software and services. Under terms of the agreement, I-many stockholders would now receive $0.49 per share in cash, compared to an original offer of $0.43 per share. The total transaction price would be $47.3 million (or $26.6 million net of I-many's debt and transaction-related expenses).